Question
In: Accounting
Journalize the following entries for the seller and the buyer: (a) Seller sold merchandise on account...
Journalize the following entries for the seller and the buyer:
(a) Seller sold merchandise on account to the buyer, $4,750, terms 2/10, net 30, FOB destination on December 21. The cost of the merchandise is $2,850. The seller pays the freight of $75.
(b) Buyer pays within the discount period on December 31.
Solutions
Expert Solution
| Seller | Buyer | ||||||
| Debit | Credit | Debit | Credit | ||||
| (a) | Accounts receivable | $4,750 | - | (a) | Merchandise inventory | $4,750 | - |
| Sales | - | $4,750 | Accounts payable | - | $4,750 | ||
| Freight out | $75 | - | |||||
| Cash | - | $75 | |||||
| Cost of goods sold | $2,850 | - | |||||
| Merchandise Inventory | - | $2,850 |
| Seller | Buyer | ||||||
| Debit | Credit | Debit | Credit | ||||
| (b) | Cash | $4,655 | - | (b) | Accounts payable | $4,750 | - |
| Sales discount ($4,750 X 2%) | $95 | - | Cash | - | $4,655 | ||
| Accounts receivable | - | $4,750 | Merchandise inventory | - | $95 |
ekkarill92 answered 3 years agoRelated Solutions
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Sales Transactions
Journalize the following merchandise transactions:
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Accounts Receivable
Sales
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Cost of Merchandise Sold
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Sales Transactions Journalize the following merchandise
transactions: a. Sold merchandise on account, $78,600 with terms
1/10, n/30. The cost of the merchandise sold was $47,200. If an
amount box does not require an entry, leave it blank. Sale Accounts
Receivable fill in the blank b408b3fa8fce01a_2 78,600 fill in the
blank b408b3fa8fce01a_3 Sales fill in the blank b408b3fa8fce01a_5
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Problem 1.
Based on the information below, journalize the entries for the
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There are extra lines in journal.(a)Seller sells Buyer on account merchandise costing $245 for $645,
terms 2/10, net 30, FOB destination. The freight of $45 was prepaid
by seller and added to the invoice.(b)Buyer returns as defective $145 worth of the $645 merchandise
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1
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9
Received payment less the discount.
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Issued a credit memo for returned merchandise that was sold for
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Cash
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Accounts Receivable
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Notes Receivable
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c. February 7-sold merchandise on account for $800, and the cost of this merchandise sold was...
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Account Name
Increase or
Decrease
Amount
Explanation:
d. February 10-returned $500 on
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3.
Account Name
Increase or
Decrease
Amount
Explanation:
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realized.
Account Name
Increase or
Decrease
Amount
Explanation:
f. February 12-accepted defective
products returned that were sold by $150 on February 7, and the
cost...
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